Amer Sports' IPO, Exec Move at Designer Brands

Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.

Amer Sports kicks off its U.S. initial public offering (IPO) , Designer Brands names a new top executive and we take a look at Nike’s new Singapore store .

Here's what you need to know.

Salomon Owner Amer Sports Looks to Raise up to $1.8 Billion in IPO

Amer Sports, Inc. is looking to raise up to $1.8 billion its in U.S. initial public offering (IPO).

The Finnish company, which owns the Salomon, Arc’Teryx, Wilson, Peak Performance and Atomic brands, kicked off its IPO on Monday with plans to offer 100 million ordinary shares priced between $16 and $18 per share. The company has been approved to list on the New York Stock Exchange with the ticker “AS”. The company filed a statement with the SEC earlier this month announcing its proposed initial public offering.

Amer Sports is targeting a valuation up to $8.7 billion, Reuters reported.

Zoom out: Amer’s filing marks one of the first major shoe IPOs in 2024, following Birkenstock’s move to go public at the end of 2023. While IPO activity was broadly dull throughout 2023, it has started to pick up in recent months and is expected to accelerate in the back half of 2024. Heading into 2024, Golden Goose, Shein and Skims are among the most anticipated retail and fashion IPOs to watch.

Inside?Nike’s?Massive New Singapore Store

Nike just expanded its brick-and-mortar footprint in Singapore in a major way.

The athletic giant, in partnership with Middle East global retailer and distributor GMG, have opened Nike Orchard Road. The three-level store, located at 268 Orchard Road, spans 28,000 square feet. Nike confirmed via statement that this location is its largest mono-brand store in Asia, outside of China.

“Nike Orchard Road is a response to the growing love Singaporeans have towards sports,” Sanjay Gangopadhyay, VP and GM of Nike Southeast Asia and India, said in a statement. “Whether you are running your first mile or your 100th, doing yoga or shooting a game-winning basketball shot, Nike Orchard brings the best of sport to the city and celebrates all forms of movement. It is our newest, biggest sport hub in the region where all athletes belong.”

Nike Orchard Road includes its Swoosh Studio sport, wellness and creativity space. This space, Nike explained, will host holistic fitness and wellness programming with its trainers and coaches that are “designed with her in mind and serving all athletes.” The Swoosh Studio will also host style and creativity workshops “with a focus on amplifying her self-expression and confidence in sport and life.”

Exclusive: Designer Brands Inc. Taps Andrea O’Donnell As Brands President

DSW parent company Designer Brands Inc. has tapped retail veteran Andrea O’Donnell for the role of brands president, EVP of Designer Brands, as the company seeks to bolster its share of owned and licensed brands.

O’Donnell, who has served as the CEO of shoe and apparel retailer Everlane since 2021, will oversee the sourcing, design and distribution of Designer Brands’ growing roster of owned and licensed brands , including Keds, Vince Camuto, Topo Athletic, Hush Puppies, Le Tigre, Lucky Brand, Jessica Simpson, Kelly & Katie, Crown Vintage, Mix No. 6 and more. She begins her role on Jan. 29 and will report to DBI CEO Doug Howe.

Big picture: The appointment marks the company’s latest efforts to zero in on its owned brand strategy. In 2022, DBI outlined a plan to double sales from owned brands and Camuto Group national owned and licensed brands to almost one-third of total sales by 2026. (DBI acquired Camuto Group in 2018, which designs and develops the Vince Camuto brand and licenses footwear for Jessica Simpson and Lucky Brand.)

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